A second strong wave of this global pandemic declared by World Health Organization, is hitting most countries in the world. The situation becomes even more grey if we analyze the economic consequences that the pandemic has caused and what is expected to happen. These consequences will continue at least in the medium term, but possibly in the long run period if we consider the increase of the public debt, and governmental expenses as a response to this pandemic situation. In this paper I will try to highlight what is expected to happen in the Albanian economy, referring GDP growth, unemployment, inflation, interest rates and the situation of the tourism sector. The deterioration of the current situation of pandemic, as a consequence of the second wave happing, will cause a deeper economic recession, so we should prepare for even worse scenarios, compered the ones that are forecasted by World Bank and the National Bank of Albania. The elections that will be held in April 2021 will affect the government expenses and the collection of taxes will be affected with the changes in the fiscal policy, which means much more uncertainties for the near future.